economy

Spot gold turns negative on the session as US job openings tick up to 7.744 million in October

Kitco Media
By Ernest Hoffman
Published
Updated
Kitco News
The Leading News Source in Precious Metals

Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage (often exclusive) of important industry events and analyses of market-affecting developments.

Spot gold turns negative on the session as US job openings tick up to 7.744 million in October teaser image

(Kitco News) - The gold market is selling off after the U.S. labor market shows signs of strength as the number of available jobs rose in October.

The number of job openings last month, a measure of labor demand, rose to 7.744 million, according to the Labor Department's monthly Job Openings and Labor Turnover Survey (JOLTS) report. According to consensus estimates, economists were looking for job openings to come in at 7.38 million in October. The number was also higher than September’s downwardly revised 7.372 million.

“The number of job openings was little changed at 7.7 million on the last business day of October but was down by 941,000 over the year,” the report said. “The job openings rate, at 4.6 percent, changed little over the month. The number of job openings increased in professional and business services (+209,000), accommodation and food services (+162,000), and information (+87,000) but decreased in federal government (-26,000).”

Gold prices slid following the weak labor market data. Spot gold turned negative on the session in the minutes after the 10 am EST release, last trading at $2,638.42 per ounce for a loss of 0.02% on the day.

article image

According to analysts, a cooling labor market bodes well for gold prices as it will support the Federal Reserve’s new easing cycle. 

Kitco Media

Ernest Hoffman

Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations. Ernest began working in market news in 2007, establishing the broadcast division of CEP News in Montreal, Canada, where he developed the fastest web-based audio news service in the world and produced economic news videos in partnership with MSN and the TMX. He has a Bachelor's degree Specialization in Journalism from Concordia University. You can reach Ernest at 1-514-670-1339.

Mdi Earth Logo

Tags:

JOLTSJOLTS job opening dataJOLTs reportemployment

Share

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.